Condo Mortgage in Sarasota
Getting a mortgage for a condo in Sarasota , or any other area in Florida, is possible but not an easy process. To make the process as easy as possible, please use a local lender. If you are planning on using your condo as a vacation home, you will need at least 30% down, regardless of your credit score, as of this writing. If you are using your condo as an investment property, the 30% down still applies but you will likely have a higher interest rate. As a buyer, you should get a mortgage qualification letter from your lender prior to starting your search . One thing to watch is condo association fees. The average condo fee in the Sarasota area is $350 per month. These fees can negatively affect your income/expense ratio and could decrease the price range of the condo you can afford to purchase. Banks no longer check just your own individual credit when making a lending decision. They are interviewing condo associations through written questi...